By Andrea Heisinger
New York, Aug. 26 - Georgia Power Co. priced $500 million of 4.75% 30-year series 2010C senior unsecured notes on Thursday to yield 125 basis points over Treasuries, a source who worked on the sale said.
The issue priced at the tight end of talk in the range of 125 bps to 130 bps.
The notes (A3/A/A+) were sold at 99.036 to yield 4.811%. They have a make-whole call at Treasuries plus 20 bps.
Barclays Capital Inc., Morgan Stanley & Co. Inc., Scotia Capital, UBS Investment Bank and Wells Fargo Securities were the bookrunners.
Co-managers were Credit Agricole Securities USA Inc., Fifth Third Securities Inc., Mizuho Securities USA Inc., Blaylock Robert Van LLC, Cabrera Capital Markets LLC, Jackson Securities LLC and M.R. Beal & Co.
Proceeds will be used for the redemption of all or a portion of $250 million in 5.7% notes due Jan. 15, 2045, $125 million of 6% notes due Aug. 15, 2044, $100 million of 5.75% senior public income notes due Jan. 15, 2044 and $35 million of Savannah Electric & Power Co.'s 5.75% notes due Dec. 1, 2044 that were assumed in a merger.
The electric subsidiary of the Southern Co. is based in Atlanta.
| Issuer: | Georgia Power Co.
|
| Issue: | Series 2010C senior unsecured notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 1, 2040
|
| Bookrunners: | Barclays Capital Inc., Morgan Stanley & Co. Inc., Scotia Capital, UBS Investment Bank, Wells Fargo Securities
|
| Co-managers: | Credit Agricole Securities USA Inc., Fifth Third Securities Inc., Mizuho Securities USA Inc., Blaylock Robert Van LLC, Cabrera Capital Markets LLC, Jackson Securities LLC, M.R. Beal & Co.
|
| Coupon: | 4.75%
|
| Price: | 99.036
|
| Yield: | 4.811%
|
| Spread: | Treasuries plus 125 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Trade date: | Aug. 26
|
| Settlement date: | Aug. 31
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | 125 bps to 130 bps
|
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